mutual

an insurer which:

1. (a) if it is a body corporate has no share capital (except a wholly owned subsidiary with no share capital but limited by guarantee); or
1. (b) is a registered friendly society or incorporated friendly society; or
1. (c) is a society registered or deemed to be registered under the Industrial and Provident Societies Act 1965 or the Industrial and Provident Societies (Northern Ireland) Act 1969.